editorNPR Digital Services RSS Generator 0.94NPR correspondent Chris Arnold is based in Boston. His reports are heard regularly on NPR's award-winning newsmagazines Morning Edition, All Things Considered, and Weekend Edition. He joined NPR in 1996, and was based in San Francisco before moving to Boston in 2001.Most recently, Arnold has been reporting on financial challenges facing millions of working and middle class Americans as the economy continues to recover from the worst recession in generations. He won the National Association of Consumer Advocates award for Investigative Journalism for a series of stories he reported with ProPublica that exposed improper debt collection practices by non-profit hospitals who were suing thousands of their low-income patients.Arnold is now serving as the lead reporter and editor for the ongoing NPR series "Your Money and Your Life", which explores personal finance issues. As part of that, he's reporting on the problem of Wall Street firms charging excessive fees in retirement accounts: feesNPR Digital Services RSS Generator 0.94Chris ArnoldFri, 18 Nov 2016 11:55:35 +0000Chris Arnoldhttp://kacu.org
Chris ArnoldPresident-elect Donald Trump has pledged a $1 trillion infrastructure spending program to help jump-start an economy that he said during the campaign was in terrible shape.Speaking on Capitol Hill Thursday, Federal Reserve Board Chair Janet Yellen warned lawmakers that as they consider such spending, they should keep an eye on the national debt. Yellen also said that while the economy needed a big boost with fiscal stimulus after the financial crisis, that's not the case now."The economy is operating relatively close to full employment at this point," she said, "so in contrast to where the economy was after the financial crisis when a large demand boost was needed to lower unemployment, we're no longer in that state."Yellen cautioned lawmakers that if they spend a lot on infrastructure and run up the debt, and then down the road the economy gets into trouble, "there is not a lot of fiscal space should a shock to the economy occur, an adverse shock, that should require fiscal stimulus.Federal Reserve Chair Throws Cold Water On Trump's Economic Planhttp://kacu.org/post/federal-reserve-chair-throws-cold-water-trumps-economic-plan
72427 as http://kacu.orgThu, 17 Nov 2016 22:55:00 +0000Federal Reserve Chair Throws Cold Water On Trump's Economic PlanChris ArnoldDuring the campaign, Donald Trump characterized himself as a champion of working-class voters who felt left behind and disconnected from more prosperous parts of the country. And Trump's historic upset victory last week was fueled by working-class voters in the Rust Belt and elsewhere who believed in this promise.Many of the counties that flipped from voting for Barack Obama in 2012 to Donald Trump in 2016 were in the Rust Belt swing states of Ohio, Wisconsin and Michigan. In his victory speech he reached out to those voters again, saying, "The forgotten men and women of our country will be forgotten no longer."The Trump transition team is reaching out to economists to serve as policy advisers. NPR did a little fishing, and found one of them. We called up labor economist Richard Burkhauser of Cornell, who signed a petition against Hillary Clinton's economic plan during the campaign. He tells NPR that Trump's team just reached out to him and asked him "if I was interested in applyingAmerica's 'Forgotten' Hear Trump's Economic Battle Cry, But Will He Deliver?http://kacu.org/post/americas-forgotten-hear-trumps-economic-battle-cry-will-he-deliver
72388 as http://kacu.orgWed, 16 Nov 2016 22:56:00 +0000America's 'Forgotten' Hear Trump's Economic Battle Cry, But Will He Deliver?Chris ArnoldElizabeth Warren and two other U.S. senators are demanding answers from Wells Fargo about reports of retribution by bank managers against would-be whistleblowers. This marks the latest development in the ongoing consumer banking scandal engulfing the banking giant.In a letter to Wells Fargo's new CEO, Timothy Sloan, Warren, D-Mass., and Sens. Robert Menendez, D-N.J., and Ron Wyden, D-Ore., say the bank may have "misled regulators about the scope of the fraud."The senators extensively cite reporting by NPR about former Wells Fargo workers who were fired or pushed to resign after they called the bank's ethics line. The workers say they were resisting the widespread unethical sales practices that are at the center of the current banking scandal. Wells Fargo opened as many as 2 million accounts without customers' consent.In an interview with NPR Friday, Warren said regulators and the general public want to "protect whistleblowers. When somebody says there's a problem here, their employerSenators Investigate Reports Wells Fargo Punished Workershttp://kacu.org/post/senators-investigate-reports-wells-fargo-punished-workers
71965 as http://kacu.orgFri, 04 Nov 2016 22:31:00 +0000Senators Investigate Reports Wells Fargo Punished WorkersChris ArnoldCopyright 2016 NPR. To see more, visit CORNISH, HOST: Wells Fargo has been under pressure for weeks now ever since federal regulators ordered the bank to pay a $185 million fine. Wells Fargo admitted to opening up some 2 million accounts in customers names without their knowledge, and it fired low-level employees as a result. But at a Senate hearing on Capitol Hill, Massachusetts Senator Elizabeth Warren told the bank's CEO that was not enough. (SOUNDBITE OF ARCHIVED RECORDING) ELIZABETH WARREN: And when it all blew up, you kept your job. You kept your multimillion dollar bonuses, and you went on television to blame thousands of $12-an-hour employees who were just trying to meet cross-sell quotas that made you rich. CORNISH: Warren told the CEO, John Stumpf, he should resign. Well, now he's informed the bank's board he's retiring effective immediately. Joining us to discuss this latest turn is NPR's Chris Arnold. And, Chris, to start, why now? CHRIS ARNOLD, BYLINE: Well, the officialWells Fargo CEO John Stumpf Steps Downhttp://kacu.org/post/wells-fargo-ceo-john-stumpf-steps-down
71185 as http://kacu.orgWed, 12 Oct 2016 21:47:00 +0000Wells Fargo CEO John Stumpf Steps DownChris ArnoldFormer employees of Wells Fargo tell NPR that a toxic high-pressure sales culture at the bank drove some workers to deceive customers and open unauthorized accounts — even in the bank's own headquarters building in San Francisco.Wells Fargo is embroiled in a scandal for taking advantage of customers by opening as many as 2 million accounts without their consent. The bank fired 5,300 mostly lower-level workers over the wrongdoing.But Wells Fargo says those workers represent a tiny fraction of employees. The bank basically says they were bad apples who have been fired and who are not representative of the broader culture and practices at the company.In a rare look inside the bank, former workers tell NPR that wrongdoing was widespread even in the bank branch in the very building where the CEO and senior management team worked.Wells Fargo's embattled CEO John Stumpf has been spending long hours defending himself in congressional hearings trying to explain the scandal engulfing at his bankFormer Wells Fargo Employees Describe Toxic Sales Culture, Even At HQhttp://kacu.org/post/former-wells-fargo-employees-describe-toxic-sales-culture-even-hq
70900 as http://kacu.orgTue, 04 Oct 2016 09:07:00 +0000Former Wells Fargo Employees Describe Toxic Sales Culture, Even At HQChris ArnoldMuch of the anger and anxiety in the 2016 election are fueled by the sense that economic opportunity is slipping away for many Americans. This week, as part of NPR's collaborative project with member stations, A Nation Engaged, we're asking the question: What can be done to create economic opportunity for more Americans? In Ohio, Columbus has quietly become a model of prosperity, with rising wages and low unemployment. Nearby Springfield, which has seen its manufacturing base erode, is struggling. So what can a city in decline do to make a comeback?A new high school in Springfield — focusing on science, technology, engineering and math — is trying to turn the tide. But educators and local businesses leaders say success hinges on keeping young people from moving away from the city after they graduate.When you drive into the heart of Springfield, you see a majestic hundred-year-old high school. Modeled after the Library of Congress with a big dome on top, it's a monument to a moreA City Looks To STEM School To Lift Economy, But Will Grads Stay?http://kacu.org/post/city-looks-stem-school-lift-economy-will-grads-stay
70559 as http://kacu.orgThu, 22 Sep 2016 09:07:00 +0000A City Looks To STEM School To Lift Economy, But Will Grads Stay?Chris ArnoldWhen the Consumer Financial Protection Bureau looked into the Mississippi-based regional bank BancorpSouth, it didn't just review thousands of loan applications. It sent in undercover operatives — some white, some black — who pretended to be customers applying for loans."They had similar credit scores and similar background and situations," says CFPB Director Richard Cordray. "Our investigation had found that BancorpSouth had engaged in illegal redlining in Memphis, meaning refusing to lend into specific areas of the city."That is, neighborhoods where most residents were African-Americans or other minorities. Cordray says on top of that, the bank "charged African-American customers higher interest rates for mortgages than similarly situated white applicants."He also says the bank denied loans to African-American applicants more often than white applicants — nearly twice as often in relative terms, according to the complaint.When regulators get people to pose as customers, it's called 'Mystery Shoppers' Help U.S. Regulators Fight Racial Discrimination At Bankshttp://kacu.org/post/mystery-shoppers-help-us-regulators-fight-racial-discrimination-banks
69698 as http://kacu.orgFri, 26 Aug 2016 22:34:00 +0000'Mystery Shoppers' Help U.S. Regulators Fight Racial Discrimination At BanksChris ArnoldWith rising home prices and low interest rates, Americans are spending a record amount of money fixing up their kitchens, bathrooms and man-caves. And business would be booming more but there aren't enough carpenters and tradespeople to do all the work.Nathaniel May survived the housing crash, but just barely. He's a general contractor who does home renovations in the Boston area. As recently as four years ago, he and his partner were feeling a little desperate."We were both working out of the back of our truck doing handyman projects to pay the bills," May says. "At that time I was renting a house and I worked out a deal with my landlord to re-shingle about 50 percent of the house in exchange for rent."May says bartering for a place to live was some of the best work he could get at the time.Today, though, May is back in business in a big way. On a recent morning he stopped by a home where his company, Aurora Custom Builders, is finishing up a $140,000 kitchen renovation. The homeownerThere's A Home Renovation Boom, But Good Luck Finding A Contractorhttp://kacu.org/post/theres-home-renovation-boom-good-luck-finding-contractor
69121 as http://kacu.orgThu, 11 Aug 2016 09:04:00 +0000There's A Home Renovation Boom, But Good Luck Finding A ContractorChris ArnoldCopyright 2016 NPR. To see more, visit GREENE, HOST: Several of the nation's most prestigious universities were sued yesterday by their own employees. MIT, Yale and NYU are facing class-action lawsuits over their retirement plans. Here's NPR's Chris Arnold. CHRIS ARNOLD, BYLINE: The lawsuits allege that the schools allow financial firms to charge university employees excessively high fees in their retirement accounts. JEROME SCHLICHTER: Some cases - they're paying two and three times what they should be paying. ARNOLD: Jerome Schlichter is the lead attorney in the class action cases. He says under federal law... SCHLICHTER: Duty of the universities is to make sure that fees are reasonable. And we contend they are not doing that. And fees are much higher than they should be for these multibillion dollar plans. ARNOLD: Schlichter is saying here that when an employer has billions of dollars of their workers' money pooled together in a retirement plan, it can leverage a better deal fromUniversity Employees Sue Yale, MIT And NYU Over Retirement Plan Feeshttp://kacu.org/post/university-employees-sue-yale-mit-and-nyu-over-retirement-plan-fees
69086 as http://kacu.orgWed, 10 Aug 2016 09:03:00 +0000University Employees Sue Yale, MIT And NYU Over Retirement Plan FeesChris ArnoldAlvin Toffler, the author whose celebrated 1970 book Future Shock examined the danger and promise of the accelerating pace of change in society, died in his sleep Monday in Los Angeles. He was 87.At the core of Toffler's vision was that society wasn't just changing, but changing faster than it ever had before. He popularized the notion of "information overload" and wondered whether human beings could psychologically handle being bombarded by so much information and by change itself.Toffler warned that people might be "doomed to a massive adaptational breakdown." While that might sound bleak, the tone of Toffler's books was more of a curious intellectual musing about what might happen, than a doomsday forecaster of inevitable emotional cataclysm. Here's how the introduction to Future Shock begins:"This is a book about what happens to people when they are overwhelmed by change. It is about the ways in which we adapt — or fail to adapt — to the future. Much has been written about the'Future Shock' Author Alvin Toffler Dies at 87http://kacu.org/post/future-shock-author-alvin-toffler-dies-87
67502 as http://kacu.orgThu, 30 Jun 2016 17:25:00 +0000'Future Shock' Author Alvin Toffler Dies at 87Chris ArnoldLionel Messi says it's over. He's retiring from Argentina's national team.After losing three previous Copa America finals, Lionel Messi on Sunday night had another chance to win. Argentina and Chile were locked in a scoreless tie, and the match would be decided by penalty kicks. Messi bent down to adjust the ball and backed up to get a running start. The five-time FIFA Ballon d'Or winner licked his lip, gave the goalie a quick appraising glance, and sent a cannonball-like shot over the goal, missing for Argentina when it mattered most.In a promo video before the game, Sports Illustrated called Messi the "greatest soccer player ever" and compared him to Muhammad Ali, Babe Ruth and Michael Jordan. He has had a celebrated career with FC Barcelona in Spain. He's famous for breathtaking shots, often taken after a blur of footwork to get past defenders.But aside from an Olympic gold in 2008, Messi has never been able to bring home a major international championship playing for his homeSoccer Shocker: Lionel Messi Says He's Retiring From Argentina's National Teamhttp://kacu.org/post/soccer-shocker-lionel-messi-says-hes-retiring-argentinas-national-team
67380 as http://kacu.orgMon, 27 Jun 2016 19:13:00 +0000Soccer Shocker: Lionel Messi Says He's Retiring From Argentina's National TeamChris ArnoldDennis Hastert, the once-powerful Republican lawmaker, reported to federal prison today to begin serving a 15-month sentence.The case against Hastert involved hush money he paid to cover up his sexual abuse of teenage boys in the 1960s and 70s when he was working as a wrestling coach at a high school about 50 miles west of Chicago.At his sentencing hearing in April, Hastert admitted molesting boys and said he was "ashamed." U.S. District Judge Thomas Durkin called Hastert a "serial child molester."It's been a dramatic fall for Hastert from the the top of the Washington establishment. The Chicago Tribune puts it this way:"When Dennis Hastert served as the nation's longest-reigning Republican U.S. House speaker, he had a secure phone to the White House and could look upon the Washington Monument and Lincoln Memorial from the balcony of his posh Capitol office."But, when the disgraced Illinois politician surrenders this week at a federal prison hospital in Minnesota, a life that beganDisgraced Former House Speaker Dennis Hastert Reports To Prisonhttp://kacu.org/post/disgraced-former-house-speaker-dennis-hastert-reports-prison
67199 as http://kacu.orgWed, 22 Jun 2016 17:31:00 +0000Disgraced Former House Speaker Dennis Hastert Reports To PrisonChris ArnoldSurrounded by his teammates just a few steps off the airplane, LeBron James hoisted the NBA championship trophy and bellowed out a happy roar to a crowd of 20,000 screaming fans. J.R. Smith appeared to have lost his shirt somewhere during Sunday night's celebrations. Kevin Love was sporting a giant professional wrestling belt. And the party in Cleveland is just getting started.It has been 52 years since Cleveland won a major sports title. And that was enough to get a veteran Cleveland sportscaster celebrating like a member of the team. Cleveland.com reports:"Austin Carr, the Cavs TV broadcaster and former player in the 1970s, said he was still stunned at the Cavs, who are the first team in history to overcome a 3-1 deficit to win a championship." 'I still can't believe it,' he said after riling up the crowd before the Cavs arrived. 'I haven't slept. I feel like I've been walking on air for 20 hours.' "There's a parade planned for Wednesday in the city. But with the triumphant return ofThe Return Of The King: LeBron Brings NBA Trophy Home To Clevelandhttp://kacu.org/post/return-king-lebron-brings-nba-trophy-home-cleveland
67132 as http://kacu.orgMon, 20 Jun 2016 20:33:00 +0000The Return Of The King: LeBron Brings NBA Trophy Home To ClevelandChris ArnoldUpdated 7 p.m. ET June 29 with this clarification:Initial reports on June 20, when Costco said it would switch the type of credit card it would accept, said the new cards would not have roadside assistance. But Citi spokeswoman Jennifer Bombardier now tells NPR that the Costco Visa cards "offer a comparable roadside assistance plan."NerdWallet says overall the new Costco Visa card has better benefits than the old Costco American Express card.In the first few days after the switch, some customers complained of long wait times when they called with questions about their new cards. But Bombardier says wait times have since fallen considerably. When NPR spoke to her on June 29, Bombardier said average wait times that afternoon were 4 minutes.Our original post continues:For years, if Costco customers wanted to shop with a credit card, the retail giant required them to pay with an American Express card. But as of Monday, the giant big-box retailer and its 81 million customers are switchingThe Big Costco Credit Card Switcheroohttp://kacu.org/post/big-costco-credit-card-switcharoo
67126 as http://kacu.orgMon, 20 Jun 2016 17:56:00 +0000The Big Costco Credit Card SwitcherooChris ArnoldYesterday on Capitol Hill, Tina Meins and other survivors of gun violence joined Democratic senators to push for tougher gun control laws. In the San Bernardino mass killing last year, Meins' father and 13 of his co-workers were shot to death."In mere seconds, my life and the lives of my mother and sister were irrevocably changed," she says.It's no accident that an articulate daughter of a shooting victim was up at the podium with the senators: In the past few years, a powerful new gun control group has emerged, called Everytown for Gun Safety. It trained Tina Meins and more than 800 other gun violence survivors to meet with politicians, speak in public and write op-eds as part of a growing nationwide movement."I think about my dad every single day," said Meins, holding back tears and flanked by Sens. Dianne Feinstein and Charles Schumer. "I lost my father, my best friend. I want my story to remind others that it doesn't have to be this way."Pushing for the universal background checkA Million-Mom Army And A Billionaire Take On The NRAhttp://kacu.org/post/million-mom-army-and-billionaire-take-nra
67008 as http://kacu.orgFri, 17 Jun 2016 08:39:00 +0000A Million-Mom Army And A Billionaire Take On The NRAChris ArnoldThe Dalai Lama, visiting the White House today, offered President Obama condolences for the Orlando shootings.The president and the Tibetan spiritual leader also talked about issues facing Tibetans living within China. The White House said in a statement:"The President emphasized his strong support for the preservation of Tibet's unique religious, cultural, and linguistic traditions and the equal protection of human rights of Tibetans in China."The White House also said that the president "reiterated the longstanding U.S. position that Tibet is a part of the People's Republic of China, and the United States does not support Tibetan independence." The meeting, significantly, took place in the White House Map Room, not the Oval Office where the president meets with foreign heads of state.Still, despite the president's efforts over the years to reassure China on this issue, Chinese officials expressed consternation over the meeting. During a press conference earlier in the day, China'sDalai Lama Meets With President Obama; China Objectshttp://kacu.org/post/dalai-lama-meets-president-obama-china-objects
66966 as http://kacu.orgWed, 15 Jun 2016 23:56:00 +0000Dalai Lama Meets With President Obama; China ObjectsChris ArnoldFederal Reserve policymakers on Wednesday will tell the world their latest plans for raising interest rates. The goal is to keep the economy on track. And right now, that is not an easy thing.Members of the Federal Open Markets Committee track an array of sometimes conflicting data. Economists call this the Fed's "dashboard." So what are the dashboard's instruments telling us about where the economy is headed next?Capt. Yellen's DashboardFed Chair Janet Yellen's job right now is kind of like Captain Kirk's. Only instead of trying to safely steer the U.S.S. Enterprise past cloaked Klingon ships and other perils in the galaxy, Yellen needs to chart a course for the U.S. economy past Brexit, a potential banking crisis in China and other financial obstacles. That's where the dashboard comes in.Princeton economist Alan Blinder, a former Fed vice chairman, says one "hugely important" indicator on that dashboard is wages. "Wages are the backbone of consumer spending, which is in turn theEconomic Asteroids! No Interest Rate Hike Expected From Fed Yethttp://kacu.org/post/economic-asteroids-no-interest-rate-hike-expected-fed-yet
66928 as http://kacu.orgWed, 15 Jun 2016 08:36:00 +0000Economic Asteroids! No Interest Rate Hike Expected From Fed YetChris ArnoldWhy should anybody care that billionaire George Soros is trading again and making big bets that will pay off if economies around the world fall on harder times?When the 85-year-old hedge fund founder did something like this a decade ago, the U.S. housing market was about to implode, Lehman Brothers would soon collapse and the U.S. and global economy was headed into what economists call "the toilet."One thing Soros appears to be most concerned about this time around is weakness in China.The Wall Street Journal first reported the news about Soros' return to trading, and cites "people close to the matter" in reporting that:"Worried about the outlook for the global economy and concerned that large market shifts may be at hand, the billionaire hedge-fund founder and philanthropist recently directed a series of big, bearish investments."Soros Fund Management LLC, which manages $30 billion for Mr. Soros and his family, sold stocks and bought gold and shares of gold miners, anticipatingBillionaire Investor George Soros Sees Economic Trouble Aheadhttp://kacu.org/post/billionaire-investor-george-soros-sees-economic-trouble-ahead
66725 as http://kacu.orgThu, 09 Jun 2016 18:29:00 +0000Billionaire Investor George Soros Sees Economic Trouble AheadChris ArnoldWhen two armed men burst into a McDonald's in Besancon, France, on Sunday, it's safe to say they chose the wrong fast-food franchise for a stickup. French police say the men in their 20s fired a warning shot and cleaned out the registers of about 2,000 euros ($2,280).But unbeknownst to the alleged would-be thieves, among the 40 McDonald's diners reportedly that night were 11 off-duty members of an elite French special forces team that specializes in hostage situations. Qui aurait su!?During the robbery, the gendarmes initially did nothing to intervene. That's not because all the royale with cheese slowed their reactions.Local prosecutor Edwige Roux-Morizot was quoted by The Telegraph as saying, "It was out of the question to use their weapons, as this would have created difficulties and could have placed many people's lives in danger."The members of the special forces are part of the Groupe d'Intervention de la Gendarmerie Nationale, or GIGN. The Washington Post says the GIGN "wasOh, Non! McDonald's Stickup In France Foiled By Special Forces Eating Therehttp://kacu.org/post/oh-non-mcdonalds-stick-france-foiled-special-forces-eating-there
66694 as http://kacu.orgWed, 08 Jun 2016 16:57:00 +0000Oh, Non! McDonald's Stickup In France Foiled By Special Forces Eating ThereChris ArnoldThe world of mixed martial arts has suffered a heavy blow with the unexpected death of one of its best known athletes. Kimbo Slice, whose given name was Kevin Ferguson, reportedly died Monday of as-yet-undisclosed causes at a Florida hospital. He was 42."We are all shocked and saddened by the devastating and untimely loss of Kimbo Slice," Scott Coker, head of the fight promotion company Bellator MMA, said in a statement. He added:"Outside of the cage he was a friendly, gentle giant and a devoted family man. His loss leaves us all with extremely heavy hearts, and our thoughts and prayers are with the entire Ferguson family and all of Kimbo's friends, fans, and teammates."ESPN reports that Slice "had been hospitalized earlier Monday in Margate, Florida, for undisclosed reasons, according to Coral Springs police, who had been dispatched to his residence to prevent a potential gathering outside. They said no foul play was suspected."Slice parlayed online videos of his street fights into aMixed Martial Arts Fighter Kimbo Slice Dies At 42http://kacu.org/post/mixed-martial-arts-fighter-kimbo-slice-dies-42
66655 as http://kacu.orgTue, 07 Jun 2016 16:03:00 +0000Mixed Martial Arts Fighter Kimbo Slice Dies At 42